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Maybe when you close one door, you really do open another.

Top-selling

Janus Funds

quietly rolled out its new 11-fund

Adviser Series

this week. The new funds will give retirement-plan participants access to clones of some retail Janus funds that are closed to new investors. They might also open the door for those who work with advisers too.

In recent years Janus' focus on mainly high-octane tech stocks and other feast-or-famine fare has led to outsize returns and inflows. Last year the Denver firm's average stock fund racked up an 81% return and the company's assets rose from $75.8 billion to $171.8 at year-end. Now almost half of the firm's traditional no-load funds are closed to new investors, to keep the gush of money from undermining their performance.

These new funds,

previewed in April, are essentially new share classes for Janus' institutional

Aspen

funds. Interestingly they closely resemble several of the firm's popular funds for retail investors that are closed.

Janus Adviser International

and

Janus Adviser Worldwide

, for instance, closely resemble the shuttered

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Janus Overseas and

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Janus Worldwide. All four funds are co-managed by Helen Young Hayes and Laurence Chang.

Like the closed

(JAVLX)

Janus Twenty fund,

Janus Adviser Capital Appreciation

has few limitations on where it can invest, and Scott Schoelzel is at the helm. The Adviser pack also includes funds with the same style and managers as

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Janus Enterprise (

Janus Adviser Aggressive Growth

) and the

(JANSX)

Janus fund (

Janus Adviser Growth

).

Janus'

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Balanced,

(JAEIX)

Equity Income,

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Growth and Income,

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Strategic Value,

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Flexible Income and

Money Market

funds also have namesakes run by the same managers among the Adviser crowd too.

The key difference between Janus' traditional funds and the Adviser funds: fees. The Adviser funds don't levy a sales charge, but they have higher annual expense ratios, including an annual 0.25% marketing fee, known as a

12b-1 fee, according to Janus spokeswoman Jane Ingalls.

Today the Adviser funds are primarily geared for company retirement plans like 401(k)s, but they could eventually be sold through financial planners and big brokerages' fee-based accounts. In that case, the marketing fee would pay advisers for selling the fund.

The move is another sign of fund companies' belief in the adviser-sold channel. Many no-load shops, including

T. Rowe Price

, have recently made plans to add share classes that pay advisers for selling their funds.

Northern Funds Launches Value Portfolio

Value funds have been out of favor over the past few years, but

Northern Funds

has bravely rolled out a new one.

The Chicago-based fund shop launched the no-load

Northern Large Cap Value Fund

Thursday. Unlike high-octane growth or technology funds, value funds essentially hunt for bargains in the stock market. Northern's fund will focus "exclusively on overlooked, undervalued stocks," according to Northern's

Web site. Through the end of July, large-cap growth funds boasted a 23.7% three-year annualized return, compared with 15.4% for the their value peers, according to

Lipper

.

Northern's aptly-named fund will invest at least two-thirds of its total assets in large, established companies with market caps greater than $1 billion, according to its prospectus. The fund will also generally stick to U.S. stocks.

Carl Domino and M. David Roberts will be at the helm. A value-style investor throughout his 28-year career, Domino joined Northern Funds in May after working at

Delaware Funds

and founding his own firm,

Carl Domino Associates

, in 1987. Roberts had managed stock portfolios for Domino's firm for the past six years, Northern said.

Domino ran the mid-cap blend

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Carl Domino Equity Income fund since its inception in December 1995. The fund has had a spotty record, according to

Morningstar

. It beat three quarters of its peers in 1996 and 1997 but trailed them more than 80% in 1998 and 1999. The fund is up 1.1% so far this year, lagging its average competitor.

Thanks to a fee waiver, the new fund's expense ratio will be 1.1%, lower than the 1.4% for the average large-cap value fund. Northern can, however, increase the fund's fees to 1.65% at its discretion.